Dubai Taps U.S. Fund Managers

By

Joanna Slater

Updated June 19, 2008 12:01 a.m. ET

In the latest effort to meld Wall Street with Islamic law, an arm of the Dubai government is investing in five well-known U.S. hedge-fund managers that will employ trading strategies conforming to religious strictures.

The five managers will evenly split $250 million to make investments that comply with shariah, or Islamic law. They will invest in commodity-related stock strategies ranging from gold to agriculture.